Ashcroft Terminal signs investment agreement with Canadian Tire
by CM Staff
The partnership with Canadian Tire now allows Ashcroft Terminal to further invest in infrastructure and capacity growth for the long-term.
VANCOUVER — Ashcroft Terminal Limited has signed an Investment Agreement with Canadian Tire Corporation in which the latter will acquire a 25 percent equity interest in the company. PSA International Pte Ltd will continue as the operator and retain a majority interest of 60 percent, with the remaining 15 percent interest held by founding partner CrescentView Investments Ltd.
Ashcroft Terminal Limited is an inland port facility located approximately 300 kilometres east of Vancouver in British Columbia. It is the only major privately-owned industrial property in Canada where both Class 1 railroad lines – Canadian National Railway and Canadian Pacific Railway – run through, transporting import and export cargoes to and from the marine terminals in Vancouver, across Canada and other North American markets. In addition to its unique rail connectivity, Ashcroft Terminal is located close to British Columbia’s major highways that serve much of the province’s resource industries.
The partnership with Canadian Tire now allows Ashcroft Terminal to further invest in infrastructure and capacity growth for the long-term. Ashcroft Terminal has become a hub to serve the needs of a broad range of industries and customers moving their products by rail.
“We are excited that Canadian Tire, the single largest container importer in Canada, is joining forces with PSA International and Ashcroft Terminal to form a long-standing partnership,” said Enno Koll, CEO, Ashcroft Terminal and Regional Head of PSA Americas. “We have the potential to increase the efficiency and sustainability of the supply chain for containers imported and exported through the marine terminals in Vancouver. Ashcroft Terminal facilitates the shift from truck to rail and significantly reduces the movement of trucks in the busy Metro Vancouver area.”
“We are pleased to be partnering with PSA, a global leader in port terminal operations to enhance our long-term supply chain capabilities and flexibility. This investment will drive improvements in our network lead time and fulfillment performance, which are core to our domestic supply chain strategy, while reducing our carbon emissions by shifting volume from trucks to rail in Western Canada,” said Paul Draffin, Chief Supply Chain Officer, Canadian Tire Corporation. “Having strategic access to high-demand capacity will enable greater control over our end-to-end supply chain, which has become increasingly critical in a time where global supply chains have been completely disrupted and new resiliency is required.”